Sarveshwar Foods shares rebound as company expands in Punjab, Delhi-NCR

Sarveshwar Foods Ltd shares rebound during the trading session on Friday after the company announced plans to expand its footprints in Punjab and Delhi-NCR region through organic stores. The company informed about the same through an exchange filing during the bourses.

Sarveshwar Foods is delighted to announce extension of its food-prints in Punjab and Delhi NCR region by opening its signature 'Nimbark' organic stores, as a part of its business strategy to expand its presence through its signature stores, retail counters, online market places beyond the territories, said the company in the release filed with the bourses.

"With addition of these 2 new regions, wherein stores shall be fully operational by end of the present quarter, count of the company's total exclusive retail stores shall reach 15, where one can experience and buy authentic and premium organic delights from the land of Himalayas," it added.

Following the announcement, shares of Sarveshwar Foods rebounded 5 per cent from day's low at Rs 7.09 to Rs 7.46 on Friday, but finally settled at Rs 7.21 with a total market capitalization of more than Rs 700 crore. The scrip is up 250 per cent from its 52-week low at Rs 2.07 apiece.

'Nimbark' organic stores are the company's signature stores, opened and being operated by its material subsidiary Himalayan Bio Organic Foods Limited which showcase the company's entire range of organic food offerings at one place to provide its existing and prospective customers with an easier, more intuitive, user-friendly shopping experience.

Earlier this week, Sarveshwar Foods was announced for being granted the first 'geographical indication'( GI) tag in Jammu & Kashmir for Basmati Rice by Agricultural & Processed Food Products Export Development Authority (APEDA), an undertaking of the Ministry of Commerce & Industry, Government.

Sarveshwar Foods is an ISO and USFDA certified company, which is engaged in the business of manufacturing, trading, processing, and marketing of branded and unbranded basmati and non-basmati rice in the domestic and international markets.

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